Mining on Ethereum Classic (ETC) is similar to mining on other blockchain platforms. It involves the use of computers to solve computationally intensive puzzles, which are required to validate transactions and stamp new blocks on the blockchain.
Mining
What you need to mine ETC
The mining process in ETC is based on a proof-of-work (PoW) consensus algorithm, called Nakamoto Consensus, which means that miners must compete to solve the computational puzzles to add new blocks to the blockchain. The first miner to solve the problem and stamp the new block is rewarded with newly minted ETC coins as well as transaction fees
Specialized Hardware
To mine ETC, miners need to have specialized hardware such as ASICs (Application-Specific Integrated Circuits) or GPUs (Graphics Processing Units)
Specialized Software
Miners need to have software that allows them to connect to the blockchain network
Computational power and electricity
Mining on ETC requires significant aggregate capital investment in computational power and electricity by the mining segment. This is the basis of the security model of the network and is the key component that guarantees the benefits of decentralization, permissionlessness, censorship resistance, and immutability.
Mining ETC is a popular and lucrative activity among miners who believe in the long-term potential of the platform and its cryptocurrency, and who are aligned with its decentralist principles.